Applying for a UK expat mortgages from overseas can The Revolution Brokers Guide feel like an uphill struggle!
But, with professional, independent advice from the expat mortgage experts at Revolution Brokers, it doesn’t need to be stressful.
Today we’ll summarise all the key information you need to know before applying for an expat mortgage and what to expect from the application process.
Why Apply for an Expat Mortgage?
There are numerous reasons you might consider applying for an expat mortgage:
- To remortgage an existing property following a relocation abroad.
- To purchase a rental investment home in the UK.
- To buy a holiday home or second residence.
If you’re living overseas and want to mortgage a British property, you’re going to need an expat mortgage.
The process can be a little more in-depth, and most mainstream UK banks won’t be able to help – which is why a whole-of-market broker is your secret weapon in securing the most competitive rates on the market!
How to Find the Best Expat Mortgages?
As with any long-term financial borrowing specific database by industry decision, we’d strongly recommend you get professional advice.
Revolution Brokers will guide you through the process, from choosing the most suitable lenders to negotiating terms and rates to fit your financial plans.
Getting Your Paperwork Ready for an Expat Mortgage Application
Proof of earnings – if these don’t originate in the UK, we’ll run through the ways you can evidence your income. For example, some banks only recognise salaries in specific currencies, and others will ask for a statement from an accountant to verify your income.
Credit history reports – there are some simple ways to help establish a healthy credit report if you don’t have a score, such as taking out a domestic credit card. Speak to us if you have a poor or low UK credit score, and we’ll explain the best options!
Usually, you’ll be asked to provide:
Personal details – lenders will want to know your university, the final semester tuition fees at a age (some have age caps, hence the need to analyse the right provider to apply to from day one!). They’ll also ask about things like your existing debt, the number of dependents and plans for the property.
Most UK mortgage lenders prefer their applicants to have a UK bank account. That makes it easier to set up your repayments and means you won’t be exposed to currency fluctuations.
Again, preparation is vital, so a professional expat ge lists mortgage broker will always help advise on
Am I Eligible for an Expat Mortgage in the UK?
Many of the top lenders offer broker-exclusive deals, so don’t feel disheartened if your usual bank has turned down your application!
Eligibility criteria vary widely, so while one lender might refuse your expat mortgage, another could be happy to make an offer – inside knowledge on the policies of each provider is essential.
